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Sinopec H1 net profits to dip by 50%
24
Jul '08
China Petroleum & Chemical Corporation (Sinopec) announces Profit Warning in respect of the Results of The First Half of 2008.

The Results prediction period from 1 January 2008 to 30 June 2008. Results prediction position: according to the preliminary calculations of the Financial Department of China Petroleum & Chemical Corporation, the net profit for the first half of 2008 will decrease by more than 50% compared to the same period of last year. The results prediction has not been audited by registered accountants.

Results of the same period of previous year (in accordance with the Accounting Standards for Business Enterprise of the People's Republic of China).

The company's Net profit reported RMB 34.925 billion, Earnings per share reported RMB 0.403.

Reasons for the decrease:
This year, the international crude oil prices have been continuously climbing. Due to the strict control over refined oil prices in the People's Republic of China (the “PRC”), a distortion to the correlation of the refined oil prices and crude oil prices occurred.

The Company has taken various measures to guarantee the supply for the refined oil market in the PRC, which resulted in great losses in the oil-refinery business and massive decline in overall performance of the Company in the first half year.

The specific data will be disclosed in detail in the interim report of 2008. Investors are advised to exercise caution in dealing in the shares of the Company.

China Petroleum & Chemical Corporation (Sinopec)

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